(Economic Observation) China's capital market welcomes a heavy document, which has both practical significance and long-term strategy

　　China News Agency, Beijing, July 8th (Xia Bin and Lei Xiaolin) China's capital market ushered in ultra-high specification documents.

Recently, the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council issued the "Opinions on Strictly Cracking Down on Illegal Securities Activities in accordance with the Law" (hereinafter referred to as the "Opinions"). The Chairman of the China Securities Regulatory Commission Yi Huiman stated that the opinions are the first in the history of the capital market. The joint issuance of special documents on cracking down on illegal securities activities in the name of the Office of the Central Committee of the People's Republic of China and the Office of the State Council is an action plan for strengthening and improving securities supervision and law enforcement in an all-round way at present and in the future. It is of great significance and far-reaching influence.

　　The opinions not only put forward the main objectives of cracking down on illegal securities activities in the next five years, but also clearly set out the tasks that need to be achieved in 2022 and 2025. It also stipulates seven aspects and 27 specific measures.

　　Finance is the bloodline of the economy, and the stock market is a key position in the financial field. The quality of its development is directly related to whether the economic operation can be stable and long-term.

The opinions mentioned that under the background of profound changes in the economic and financial environment and the continuous deepening of reform and opening up of the capital market, capital market violations are still more prominent, the difficulty of investigating cases has increased, and relevant law enforcement and judicial work is facing new situations and new challenges.

　　"Why should this opinion be issued in the name of the Office of the Central Committee and the Office of the State Council? In addition to attaching great importance to the development of the capital market, there are also some considerations that focus on practical significance and long-term strategy." Zhao Xijun, the chief executive, told a reporter from China News Agency.

　　In his view, the practical significance is that considering the recent increase in the number of illegal activities and cases in the securities market, the complexity of the cases and the difficulty of handling them are also increasing, and some shortcomings have been discovered in the process, such as system construction. , Legal construction, supervision and coordination, etc., and starting from the party and state level, this opinion can mobilize and organize multiple forces to jointly meet the above challenges.

　　The long-term strategy is that China has entered a new stage of development, and from the perspective of international experience and China's development laws, only an efficient and healthy capital market can provide a lasting resource allocation for high-quality development and innovation-driven development.

　　"We are actually doing it now. For example, the Shanghai Science and Technology Innovation Board, the Shenzhen Growth Enterprise Market and the SME Board are actually undergoing reforms. However, judging from the current market operation, there are still some shortcomings, so It is necessary to establish a long-term mechanism to make the market operation healthier and safer, and to provide a better mechanism and motivation for innovation drive." Zhao Xijun said.

　　The opinions put forward four major working principles, namely, adhere to the requirement of zero tolerance, adhere to the principle of rule of law, adhere to overall coordination, and adhere to bottom line thinking.

　　At the same time, a clear goal blueprint was planned: by 2022, important progress has been made in the construction of the legal liability system for illegal and criminal activities in the capital market, and the law enforcement and judicial system and coordination and cooperation mechanisms for strictly cracking down on securities illegal activities have been initially established, and the cost of securities illegal and criminal activities has increased significantly. The frequent occurrence of major illegal and criminal cases has been effectively curbed, investor rights relief channels have become smoother, and the order of the capital market has improved significantly.

　　By 2025, the capital market legal system will be more scientific and complete, the securities law enforcement judicial system with Chinese characteristics will be more complete, the judicial transparency, standardization and credibility of securities law enforcement will be significantly improved, the administrative law enforcement and criminal justice will be efficiently and smoothly connected, and the law and trustworthy, standardized and transparent, and open An inclusive and good capital market ecology has taken shape in an all-round way.

　　Tian Lihui, dean of the Institute of Financial Development of Nankai University, said in an interview with a reporter from China News Agency that opinions have one central and four characteristics.

One center is to handle affairs in accordance with the law, and the four major characteristics are fast supervision, heavy supervision, strict supervision and new supervision.

　　Specifically, fast supervision is to improve the efficiency of legislation in the securities market, enhance the timeliness of legal supply, and enable laws and regulations to keep up with the fast-changing financial market, fast-changing corporate ecological conditions, and fast-changing public opinion.

　　Emphasis on supervision is to significantly increase the cost of violations of laws and regulations, and increase the intensity of criminal punishment. Only when the costs of violations of laws and regulations are sufficiently high, can criminals be prevented from taking risks, and a good situation of "dare not breaking the law" can appear.

　　Strict supervision is to comprehensively improve the quality and efficiency of the investigation and handling of major securities violations, severely crack down on illegal securities activities in accordance with the law, and raise serious warnings on issues such as market manipulation.

　　The new regulation is to improve data security, cross-border data flow, confidential information management and other related laws and regulations, the purpose is to ensure absolute security for data related to national security.

　　Tian Lihui bluntly said that this opinion is another milestone in the legalization of China’s capital market, and it is a major good news for China’s capital market. It means that a good time for investment is really coming, and a clean and upright securities market should be there. Far ahead.

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